THIRTY POINT QUESTION - SHOW CALCULATIONS FOR PARTIAL CREDIT Rad Racing, Inc. uses a process costing system to account for its production of bicycles. The flow of production goes from Machining to Assembly and then to Finished Goods. Some operating data for the March is shown below. Provide the requested information at the bottom of the page. Machining Department Units: Beginning WIP Begun/transferred in Ending WIP Transferred out Costs: Beginning WIP Added Total Equivalent Units (EUs): Assembly Department % Complete % Complete Units Materials Conversion Units Transfer-in Materials Conversion 700 15% 30% 500 15% 10% 1 3,500 200 40% 20% 250 70% Beginning Inv. Transferred in Ending Inv. Finished Goods (Company uses FIFO) Units 250 $ Cost 27,500 5 1,000 3,500 Sold $ 7,560 $ 7,500 $ 61,500 Income Statement $ 81,940 $100,000 $ $ 89,500 $ 192,500 $ 8,100 $ 174,000 200,000 $ 19,750 $ 235,500 Sales Cost of Goods Sold Gross Profit Operating Expenses 3 $ 5.00 Net Income Cost per EU: NOTES: 1. Units are sold to customers for $250 each. 2. Company uses FIFO method for the determination of ending inventory. 3. Profit margin (Net Income/Sales) = 15% 1. Units Begun in the Machining Department (2pts) - 2. Conversion Costs included the in Beginning Machining WIP Balance (3pts) - 3. Transfer-in Cost per Equivalent Unit in the Assembly Department for the period (3pts) - 4. Percentage Completed regarding Materials Costs of Ending WIP in the Assembly Department (4pts) - 5. Costs transferred from the Assembly Department to Finished Goods during the period (4pts) - 6. Operating expenses for the period (3pts) - 7. Beginning WIP balance in the Assembly Department (3pts) - 8. Total "Inventory" on the Balance Sheet at the end of the period (you can assume there's no Raw Materials) (4pts) - 9. Compared to February, how much more (or less) did Rad Racing spend in March to complete one bicycle? (4pts) out of 30